Abstract: A tangential cutting insert includes two opposing end surfaces and a peripheral side surface extending between the two opposing end surfaces. The peripheral side surface includes two opposing major side surfaces connected to two opposing minor side surfaces via corner side surfaces. A peripheral edge is formed at the intersection of each end surface with the peripheral side surface. Each end surface has two raised corners with associated raised corner cutting edges and two lowered corners with associated lowered corner cutting edges. Each of the corner side surfaces includes a concave clearance depression which serves as a relief surface for an associated lowered corner cutting edge. The concave clearance depression extends from its associated lowered corner cutting edge in the direction of, but does not intersect, a raised corner associated with opposite end surface.