An improved design of a cutting insert system includes a plurality of indexable peripheral milling cutting inserts adapted to be mounted on a peripheral milling tool holder. Each of the cutting inserts includes an insert width that is the same for each cutting insert. Each of the cutting inserts also includes a corner nose having a corner nose radius dimension that is different for each cutting insert, and an axial alignment clearance face that defines an equivalent face location and an equivalent clearance angle for each of the plurality of cutting inserts when the insert is detachably mounted on the tool holder.