the throne; the crown
Refers to the position or rank of a monarch. Used in contexts of succession, abdication, or royal authority.
王子は王位を継承した。
The prince succeeded to the throne.
The prince succeeded to the throne after his father's death.
国王は王位を退く決意を固めた。
The king resolved to abdicate the throne.
He ascended the throne at the age of twenty.
The aging king abdicated the throne to his son.
The rebel army tried to seize the throne.
王座 can denote the literal throne seat as well as the position of power, whereas 王位 refers strictly to the rank or title itself.
Compound of 王 (king) and 位 (rank, position). The reading is on'yomi.