Open loop equals start up or choke position. Open loop means it is using factory settings to give more gas on start up. Open loop takes no input from the front O2 sensors. Typically I would guess 15-30 seconds before closed loop takes over, thus using the 0-5 volt signal front O2 sensor input. kind of equivalent to the choke opening up on the old cars as far as time frame goes. This sensor is examing exhaust gas in the collector area and sending a signal back to the pcm based on what it sees. The pcm interprets this signal, and adjusts the AFR accordingly through short term (like watching your instantaneous fuel economy) and long term (based on a certain time period of short term input) fuel trim, continually trying to adjust the AFR to 14.7 to 1. This ratio is called stoichiometric and is the optimum burn ration for gasoline efficiency.
Closed loop is continually sensing many parameters including intake ambient temp and front O2 sensor input. If the computer senses a fault, or doesn't get a signal from the front O2, cars can go into what some call the 'safe mode' ...which is open loop and typically a little rich because the 'brain' has no idea what's going on and errs on the conservative or rich side with baseline factory fuel and spark mapping.
Open loop occurs again when the throttle is mashed to about 80% or more. The front O2s are thrown out and pre set factory spark and fuel mapping for max power take over.
Rear O2 sensors have nothing to do with determining ongoing AFR. They are monitoring the convertor output and will throw a light if the values are not correct...again based on a 0-5 volt signal.