The video tutorial explains the difference between errors and exceptions. Errors are issues that applications should not try to recover from, such as out of memory or stack overflow errors, typically thrown by the JVM. Exceptions, on the other hand, are recoverable situations that applications should handle, like file not found or SQL exceptions. Both errors and exceptions are subclasses of the Throwable class. Exceptions are further classified into checked and unchecked types, which will be discussed in the next session.

What are the two types of exceptions mentioned in the text?

Explain the role of the throwable class in relation to errors and exceptions.