Country hosts with good conversation (7)
I believe the answer is:
chinwag
'conversation' is the definition.
(I have seen 'Informal conversation' mean 'chinwag' so perhaps 'conversation' could also mean 'chinwag')
'country hosts with good' is the wordplay.
'country' becomes 'china' (China is an example).
'hosts' is an insertion indicator (inserted letters are welcomed or hosted).
'with' becomes 'w' (abbreviation).
'good' becomes 'g' (abbreviation).
'china' going around 'w' is 'chinwa'.
'chinwa'+'g'='CHINWAG'
(Other definitions for chinwag that I've seen before include "Conversation (slang)" , "Gossip" , "Chat (slang)" , "Informal conversation" , "Informal chat moving lower jaw" .)