Cutting tool and indexable cutting insert having a mounting cut-out therefor

Abstract

A cutting tool has an indexable cutting insert removably secured to a holding portion of an insert holder. The cutting insert has opposing first and second end surfaces with an insert peripheral surface and a central axis extending therebetween, at least two cutting portions, and at least one mounting cut-out. Each cutting portion has a cutting edge formed by the intersection of rake and relief surfaces formed on the insert peripheral surface, one rake surface facing in a first rotary direction about the central axis and one rake surface facing in an opposite second rotary direction. Each mounting cut-out extends between the first and second end surfaces and has spaced apart first and second flank surfaces disposed on a cut-out peripheral surface which is separate and spaced apart from the insert peripheral surface. The first and second flank surfaces face in the first and second rotary directions, respectively.