using serial values

How do I get the values for the serial field? Do they automatically insert themselves with a
default if I do not use that field in the INSERT statement?

Example:

create table EntityTypes(
entity_type_id serial NOT NULL CONSTRAINT PK_EntityTypes1 PRIMARY KEY,
entity_type varchar(16) NOT NULL,
CONSTRAINT UC_EntityTypes_Entity_Type1 UNIQUE(entity_type)
);

INSERT INTO EntityTypes( entity_type ) VALUES 'Big Smile, Good Dresser, Easy to Get Along With';

Will the above statement causes a row to be inserted with the value for 'entity_type_id' to be
automatically 1 or 0?