Shoeman brings up a good point relative to loss of an indicator or PLC input card.
There is another way to accomplish this. You can use a "dropping resistor" on one or both of the devices, and use a voltage input on the PLC or indicator. When the device is removed, if the resistor is still in the circuit you still have continuity.
For example, if you have a 5 VDC input you can use a 250 Ohm resistor across the terminals, and 4-20 mA becomes 1-5 VDC. You loose some resolution on the signal, because most input cards are based on 0 VDC, but that isn't usually a problem. Note that you still have to make sure that the "-" terminal isn't tied to power supply "-".
Another trick I have used is to put a Zener diode across the terminals. Normally the current will go through the device. If the device is removed the current will pass through the diode, again maintaining continuity.