Important people, monarch and child welcomed by servants (10)
I believe the answer is:
personages
'important people' is the definition.
'personages' can be an answer for 'people' (personage is a kind of person). I am unsure of the 'important' bit.
'monarch and child welcomed by servants' is the wordplay.
'monarch' becomes 'ER' (abbreviation for Elizabeth Regina, British Queen).
'and' says to put letters next to each other.
'child' becomes 'son' (male child).
'welcomed by' is an insertion indicator (letters welcomed inside).
'servants' becomes 'pages' (historical type of servant).
'er'+'son'='erson'
'erson' going into 'pages' is 'PERSONAGES'.
Can you help me to learn more?
(Other definitions for personages that I've seen before include "characters" , "VIPs" .)