Two-way indexable v-shaped cutting insert and tool holder thereof

A two-way indexable V-shaped cutting insert (10, 10′, 10″) comprising:

• a first insert side surface (12) and a second insert side surface (20) located opposite the first insert side surface (12);
• and
• a peripheral insert surface (28) connecting the first and second insert side surfaces (12, 20);
• the peripheral insert surface (28) comprising:
• a front insert surface (30) located in an insert cutting portion (11b);
• a back insert surface (36) located opposite the front insert surface (30) and located in an insert abutment portion (11a), the insert abutment portion (11a) being adjacent to the insert cutting portion (11b);
• and
• first and second converging insert abutment surfaces (38, 42) converging towards one another in a direction away from the front insert surface (30) and towards the back insert surface (36);
• wherein:
• the front insert surface (30) comprises first and second rake surfaces (32a, 32b);
• and
• the peripheral insert surface (28) further comprises:
• a first relief surface (40) connecting the first rake surface (32a) and the first converging insert abutment surface (38);
• a second relief surface (44) connecting the second rake surface (32b) and the second converging insert abutment surface (42);
• and
• a first cutting edge (46) and a second cutting edge (48), the first cutting edge (46) located at the intersection of the first rake surface (32a) and the first relief surface (40), the second cutting edge (48) located at the intersection of the second rake surface (32b) and the second relief surface (44).