Hi Dan,
Thanks for the help. When I read page 16 of the manual, it's pretty clear that LT's definition of inscribed circle is not the same as the standard definition for inserts. The verbage straight from the manual says:
"2. Inscribed Circle - Defines a circle, which when drawn about the center of the tool insert, will include the entire tool insert."
However, the actual behavior of the program is working as you describe, a circle that fits completely within the insert.
-Jim