Clue: Sly dog dangled bananas for insect (5-4-4)
Answer: DADDY-LONG-LEGS
Explanation: Definition: insect
An anagram ('bananas') of 'sly dog dangled'. Daddy-long-legs is a name given to various critters, including the crane fly, which is an insect. There are also variations on the 5-4-4 format.