Flag; goddess (4)
I believe the answer is:
iris
I believe this clue is a double definition.
'flag' is the first definition.
(type of iris flower)
'goddess' is the second definition.
(goddess of the rainbow)
(Other definitions for iris that I've seen before include "Rainbow-goddess" , "bit of a looker" , "Eye diaphragm" , "Fleur-de-lis" , "may open up in camera" .)