Husband may put up with pony for a term (e.g. pony as horse) (7)

'a term e g pony as horse' is the definition.
I can't tell whether this definition defines the answer.

'husband may put up with pony' is the wordplay.
'husband' becomes 'h' (abbreviation).
'may put' becomes 'my' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'up' says the letters should be written in reverse (in down clue: letters go upwards).
'with' is an insertion indicator.
'my' backwards is 'ym'.
'ym' going around 'pony' is 'yponym'.
'h'+'yponym'='HYPONYM'

'for' acts as a link.

Can you help me to learn more?