Cutting tool having replaceable cutting insert and replaceable cutting insert therefore

A rotary cutting tool comprising:

• a replaceable cutting tip having a cutting portion structured to perform cutting operations on a workpiece and a first threaded portion disposed generally opposite the cutting portion;
• and
• a generally cylindrical tool body disposed about a central longitudinal axis, the tool body having a first end portion adapted to be coupled to a machine tool and an opposite second end portion having a second threaded portion cooperatively engaged to the first threaded portion,
• wherein the second threaded portion is moveable with respect to the tool body in a manner that selectively couples the cutting tip to the tool body,
• wherein the first threaded portion comprises a threaded stud rigidly coupled to, and extending from, the cutting tip and the second threaded portion comprises an inward facing central threaded portion of a geared nut captively disposed in an axial aperture provided in the second end portion of the tool body,
• wherein the second end portion of the tool body comprises a housing,
• wherein the cutting tip is generally disposed in the housing, and
• wherein the housing comprises a slot disposed generally transverse to the central longitudinal axis.