A cutting insert comprises an elliptical cutting edge. The cutting insert has a mounting hole through which a retention screw may pass, wherein the retention screw makes contact with the mounting hole in a seating plane that is perpendicular to the mounting hole. The cutting insert is adapted for use in a cutting tool comprising a tool body having a pocket partially defined by a floor that is parallel to a seating plane. The insert can have a shape complimentary to a tool body so as to cooperate with the tool body to form a continuous flute. According to one embodiment of the invention, the insert has a flank edge inboard with respect to the tool body. An insert according to another embodiment of the invention has a rake face with a positive cutting geometry.