A rotary cutting tool having a disk-shaped cutting body with a plurality of identical insert receiving pockets, and an equal number of indexable cutting inserts removably retained therein, having opposing upper and lower surfaces and opposing first and second insert end surfaces. First and second cutting edges are formed at the intersection of the upper surface and the first and second insert end surfaces, respectively. Circumferentially adjacent cutting inserts have a different one of their first and second insert end surfaces in contact with an insert receiving pocket back wall. First and second planes are equidistantly offset from opposite sides of the cutting body, the first plane only intersecting the first cutting edge of every circumferentially alternate cutting insert and none of the second cutting edges, and the second plane only intersecting the second cutting edge of every circumferentially alternate cutting insert and none of the first cutting edges.