The definition/notion of independence is always a bit odd in measure theoretic probability theory.
Definition Given a probability space $(\Omega,\mathcal{F},P)$, two sets $A,B\in\mathcal{F}$ are defined to be (piarwise/mutually) independent iff $P(AB)=P(A)P(B)$. For readers who are not familiar with algebraic formulation of $\sigma$-algebra over $\mathbb{Z}_{2}$, this post may be of help. (SE post)
(1)What is the algebraic equivalent of the collection of pairwise independent elements in $\cal{F}$?
Since we can always study the multiplicative structure on $\sigma$-algebra $\mathcal{F}$ defined by $A\cdot B=A\cap B$. Does it mean the probability measure is a (ring) homomorphism on the collection of pairwise independent sets? However, that does not make sense because $$P(A\Delta B)=P((A\setminus B) \cup (B\setminus A))=P(A\setminus B)+P(B\setminus A)=P(AB^{c})+P(A^{c}B)=P(A)P(B^{c})+P(A^{c})P(B)\neq P(A)+P(B)$$ (the last eqality comes from the fact that if $A,B$ are independent so are their generating $\sigma$-algebras) even if they are independent and thus breaks the additive structure of the $\sigma$-algebra. If there is a special term for such a structure formed by independent elements(as set) in the $\sigma$-algebra $\cal{F}$, either in algebra or algebraic geometry, I would like to know.
If not, does that mean there is no means to deal with the concept of independence in algebra?
(2)What is the algebraic equivalent of the collection of mutually independent elements in $\cal{F}$?
Historically it is the notion of mutually independence which is firstly discovered. And mutually independence is actually stronger than pairwise independence (Bernstein example). So I want to know if mutually independent elements correspond to a different algebraic object than pairwise independent.
(3)What is the algebraic equivalent of the sigma field generated by two collections of independent elements in $\cal{F}$?
i.e. Given two subcollection $\mathcal{F}_{1},\mathcal{F}_{2}\subset\cal{F}$, we assume that $\forall C\in \mathcal{F}_{1},D\in \mathcal{F}_{2}$, there exists $P(CD)=P(C)P(D)$. The question is asking the algebraic equivalent of $\sigma( \mathcal{F}_{1}\vee \mathcal{F}_{2})$.
Either answer or reference are welcomed/appreciated.