Phone wife or daughter in new term (4,4)
I believe the answer is:
buzz word
'new term' is the definition.
'phone wife or daughter' is the wordplay.
'phone' becomes 'buzz' (informal term for a phonecall).
'wife' becomes 'w'.
'daughter' becomes 'd'.
'buzz'+'w'+'or'+'d'='BUZZ WORD'
'in' acts as a link.
(Other definitions for buzz word that I've seen before include "Bit of jargon that's become fashionable to say" , "Unit of speech in vogue" , "Bit of in-group jargon" .)