A cutting or milling insert for rotatable tool for chip removing machining and of the type that comprises a cutting edge in a transition between a front chip surface and a clearance surface extending rearward from the same. Remotely behind the first-mentioned cutting edge, a second cutting edge is formed in a transition between, on one hand, a second chip surface behind the first clearance surface, and, on the other hand, a trailing second clearance surface. The spacing between opposite sections of the front cutting edge is greater than the corresponding spacing between opposite sections of the second or rear cutting edge, the cutting edge angle (α) of at least the front cutting edge being acute. A rotatable cutting tool, which is equipped with the cutting or milling insert is also provided.