Cord about to be cut by surgical procedure (4)
I believe the answer is:
rope
'cord' is the definition.
(rope is a kind of cord)
'about to be cut by surgical procedure' is the wordplay.
'about' becomes 're' ('re' means regarding or about).
'to be cut by' is an insertion indicator (some letters cut their way into a word).
'surgical procedure' becomes 'op' (short for operation).
're' enclosing 'op' is 'ROPE'.
(Other definitions for rope that I've seen before include "Enough to hang one?" , "Stout cord" , "'Cable, cord (4)'" , "making money easily when old?" , "Length of material used to tie or secure things" .)