An indexable cutting insert and a milling cutter with identical indexable cutting inserts. The indexable cutting insert has an upper surface, opposing lower surface, and a peripheral side surface. Major cutting edges are formed on an upper peripheral edge, with adjacent major rake surfaces on the upper surface. At least two of the major cutting edges have different insert axial rake angles at equivalent index points along the major cutting edges, and at least two of the major rake surfaces have different rake surface profile angles at planar sections which are perpendicular to the major cutting edges and contain an insert axis. The milling cutter has a milling cutter body with a plurality of identical insert receiving pockets, where an equal number of the identical indexable cutting inserts are removably seated, having active major cutting edges and active major rake surfaces with different axial and/or radial rake angles.