The present invention relates to cutting tools and, more particularly, to cutting tools using clampable cutting inserts. The cutting tool includes a toolholder including at least one insert-receiving pocket, the insert-receiving pocket including at least one side abutment surface. The cutting tool further includes a cutting insert comprising an insert body having at least one insert supporting surface and a clamping hole including a clamping surface defining at least part of a non-circular, substantially elliptical cone. The cutting tool further includes a clamp having a clamp surface adapted to contact the clamping surface at two contact points such that the at least one side abutment surface and the at least one insert supporting surface are secured in a contacting relationship.