Cutting insert and cutting tool

Replaceable cutting insert (10) mounted in the milling tool (46). The cutting insert (10) has a generally rhomboid shape and is provided with a peripheral side surface (14) located between and perpendicular to two opposed end surfaces (12). Each end face (12) is bounded by a cutting edge section (18) including a first cutting edge (32) and a second cutting edge (34) engaging with a corner cutting edge (36). Both cutting edges (32, 34) engaging each end face (12) are inclined at a non-zero first angle (1) relative to the center plane (M) of the cutting insert (10). The peripheral side surface (14) includes four generally planar larger side surfaces (26), two diametrically opposed rounded corner side surfaces (28), and two diametrically opposed planar smaller side surfaces (30). Each end face (12) is provided with a flat end face (24). The flat end areas (24) are parallel to each other and form the axially most prominent areas of the cutting insert (10).