A diagonal ledge (22) is machined into each of the sidewalls (20) of the holder (12) with the ledges (22) crossing one another at an intersection B and the holder (12) is characterized by the bottom (18) of the pocket separating the ledges (22) to define a space between the ledges (22). A cutting insert (24) is characterized by a raised portion (32) on each face (26) thereof to present a pair of parallel and spaced shoulders (34) on each face (26) with the shoulders (34) on the first face (26) crossing the shoulders (34) on the second face (26). The assembly (10) is characterized by the shoulder (34) on the first face (26) seated on one of the ledges (22) and the shoulder (34) on the second face (26) seated on the other of the ledges (22) with a pair (28, 30) of cutting edges exposed for cutting. When worn, the insert (24) may be flipped one hundred and eighty degrees for exposing the other pair of cutting edges (28, 30).
