Cutting insert and clamping arrangement therefor

In combination with a cutting insert tool holder adapted to retain a cutting insert therein by means of insert retaining means, a cutting insert comprising:

• an insert body having a first end and a second mounting end;
• a pair of substantially parallel side walls extending between said first and second ends;
• a bottom wall generally perpendicular to said side walls and including therein means defining a first notch disposed in said insert body and substantially extending from said first end to said second end;
• and
• a top wall having a forward section, a middle section and a rearward section, said forward section in combination with said first end including means defining a cutting edge disposed at a first elevation relative to said bottom wall, said middle section including means defining at least in part a second notch substantially extending thereacross so as to be substantially perpendicular to said first notch and with said second notch bottom portion being disposed at a second elevation relative to said bottom wall, and said rearward section being disposed at a third elevation relative to said bottom wall, which third elevation is less than said first and greater than said second elevations and wherein the top wall forward section of the insert body which includes means defining the cutting edge further includes means defining a chipbreaker disposed at a fourth elevation relative to the bottom wall, which fourth elevation is greater than said first elevation.