An insert for use in a cutting tool having two truncated, wedge-shaped faces, and at least two edge surfaces. The insert also has a retainer hole extending through the insert at a predetermined angle to accommodate an insert retainer. The insert is indexable by repositioning the cutting insert from one face to the other face. The inserts are disposed in a plurality of circumferentially-spaced seats about a working end of a cutting tool body. Each seat has a major seating surface for mounting the insert and for receiving a retainer at a predetermined angle. The seat also has a minor seating surface oriented to engage an edge surface of the insert and to reduce the shear force against the retainer during rotation of the tool body. The tool body has angled chip pockets, resulting in more inserts per cutting tool diameter and a greater cross-sectional tool body.