The blue arrow is pointing to a protected or sheathed SE (service entrance) cable.

The service point is the point of connection (orange arrows) between the facilities of the service utility and the premises' wiring.

The overhead service conductors (white arrows) are also the overhead conductors between the service point (orange arrows) and the first point of connection to the service-entrance conductor (blue arrow) at the structure.

The service equipment is the necessary equipment, usually consisting of a circuit breaker(s) or switch(es) and fuse(s) and their accessories, connected to the load-end of service conductors to a building or designated area, and intended to constitute the main control and cutoff of the supply.

It is understood that raceways, fittings and enclosures housing service conductors are also part of the service equipment. Meter socket enclosures are not considered service equipment. Meter enclosures do not have interrupting ratings, disconnecting means, or overcurrent protection.

The red arrows are pointing to the "service drop," which in the 2018 International Residential Code (IRC) Section E3501.1 are defined as the overhead service conductors between the utility electric supply system and the service point (orange arrows). The white arrows are also service conductors. They are referred to as overhead service-entrance conductors. They are the service conductors between the terminals of the service equipment and a point usually outside of the building, clear of building walls, where joined by tap or splice (orange arrows) to the service drop or overhead service conductors. The important, commonly-used terms for home inspectors are "overhead service conductors" (red arrows), the "service-entrance conductors" (white and blue arrows), and the "splice" (orange arrows). Thank you InterNachi