An indexable insert has one or more recesses formed in a frontside or backside surface which receives a surface of the head of a locking screw. When mounted, the insert is forced against respective support surfaces of an insert pocket. The locking screw is threaded into a counterbored tap hole to engage the insert and provide side locating forces and clamping forces to secure the indexable insert in the insert pocket. More particularly, the indexable insert has a shaped surface recess that mates to a complimentarily-shaped surface on the head of a locking screw and secures the indexable insert in multiple dimensions to a seating surface. A material removal tool and a method of mounting the indexable insert are also disclosed.