An insert is disclosed for use in cutting tool applications having two major faces and at least two cutting edges. The insert is indexable by repositioning the cutting insert from one face to the other face. The inserts may be mounted in a seat formed in a fixed cutting tool. The seat has a major seating surface for mounting the insert and for receiving a retainer at a predetermined angle. In one form, the seat may also have dovetail walls oriented to engage side walls of the insert and to reduce the shear force against the retainer during contact between the insert and a rotating workpiece. The fixed tool has reliefs and a tip pocket to protect an unused cutting edge on the insert.