A cutting insert includes a first surface, a second surface and a peripheral surface extending therebetween, and an insert hole extending between the first and second surfaces and having a hole axis. A cross section of at least a portion of the insert hole taken perpendicular to the hole axis has an oval shape. The cutting insert also includes a mark provided on at least one of the first and second surfaces, indicating the orientation of the cross sectional oval shape of the at least a portion of the insert hole.