Abstract: A conical cutting insert. The insert is comprised of a body member with first and second end sections oppositely disposed from a median plane. One or both of the end sections may be provided with a cutting edge. The cutting edge is formed by the intersection of an interior outwardly tapered cutting surface and an exterior inwardly tapered flank surface. The cutting surface may be frustro-conical or one or more planar surfaces. The flank surface may be frustro-conical or one or more planar surfaces. Where planar surfaces are utilized, the cutting edges are linear. Where frustro-conical surfaces are utilized, the cutting edge is circular. A plurality of coolant flow orifices are provided to allow the flow of coolant on one or both of the flank surface and cutting surface. Chip flow grooves may be provided on the cutting surface to guide and/or break chips during the cutting operation. Lobes may be provided on the flank surface to provide a constant flank angle during the cutting operation.