A cutting assembly, comprising: a toolholder extending in a axial direction and a cutting insert to be mounted in the toolholder: the toolholder having an axial forward end and an axial rearward end, the toolholder having a head portion at the axial forward end and a shank portion at the axial rearward end; the head portion containing a slot separating the head portion into a lower section and an upper section, the lower section defining a lower seat and the upper section adapted to retain the cutting insert therebetween; the head portion having an exit in the upper section, the exit being adapted to direct coolant to the cutting insert when the cutting insert is mounted in the toolholder; wherein the cutting insert includes a top surface with an upwardly extending protuberance that can be engaged by the toolholder to rigidly mount the cutting insert in the head portion of the toolholder; characterized in that the cutting insert further includes a coolant channel formed in the shank portion of the cutting insert, in the top surface of the cutting insert, the coolant channel being positioned directly opposite of the exit when mounted in the toolholder, thereby causing the coolant channel to act as a nozzle to enhance the flow rate of the coolant delivered to an interface between the cutting insert and a workpiece. a toolholder extending in a axial direction and a cutting insert to be mounted in the toolholder: the toolholder having an axial forward end and an axial rearward end, the toolholder having a head portion at the axial forward end and a shank portion at the axial rearward end; the head portion containing a slot separating the head portion into a lower section and an upper section, the lower section defining a lower seat and the upper section adapted to retain the cutting insert therebetween; the head portion having an exit in the upper section, the exit being adapted to direct coolant to the cutting insert when the cutting insert is mounted in the toolholder; wherein the cutting insert includes a top surface with an upwardly extending protuberance that can be engaged by the toolholder to rigidly mount the cutting insert in the head portion of the toolholder; characterized in that the cutting insert further includes a coolant channel formed in the shank portion of the cutting insert, in the top surface of the cutting insert, the coolant channel being positioned directly opposite of the exit when mounted in the toolholder, thereby causing the coolant channel to act as a nozzle to enhance the flow rate of the coolant delivered to an interface between the cutting insert and a workpiece. the toolholder having an axial forward end and an axial rearward end, the toolholder having a head portion at the axial forward end and a shank portion at the axial rearward end; the head portion containing a slot separating the head portion into a lower section and an upper section, the lower section defining a lower seat and the upper section adapted to retain the cutting insert therebetween; the head portion having an exit in the upper section, the exit being adapted to direct coolant to the cutting insert when the cutting insert is mounted in the toolholder; wherein the cutting insert includes a top surface with an upwardly extending protuberance that can be engaged by the toolholder to rigidly mount the cutting insert in the head portion of the toolholder; characterized in that the cutting insert further includes a coolant channel formed in the shank portion of the cutting insert, in the top surface of the cutting insert, the coolant channel being positioned directly opposite of the exit when mounted in the toolholder, thereby causing the coolant channel to act as a nozzle to enhance the flow rate of the coolant delivered to an interface between the cutting insert and a workpiece.