1. The meaning of MUTUALLY EXCLUSIVE is being related such that each excludes or precludes the other; also : incompatible.
2.
If two events are mutually exclusive then the probability of both the events occurring at the same time is equal to zero. P(A and B) = 0
If A and B are two mutually exclusive events, then probability of A or B is equal to the sum of probability of both the events.
P(A or B) = P(A) + P(B)