Most of the components of a 4-20 ma system have a voltage drop rating at 20 ma. The sum of the device voltages must be less than the power supply voltage.
Anecdote. We had a loop with a theoretical device load of about 22 volts at 20 ma. The input resistor on a replacement alarm relay was off spec. As a result, the 24V power supply could not develop 20 ma. across the loop. We became aware of the problem when the shutdown alarm failed to function in an over temperature event. The stainless steel thermo well in a 100' stack was melted off. Fortunately the refractory material held up. One crack in the refractory and we may have lost the stack.
Yes, voltage ratings of the devices in a loop are important, as is a field check of device calibration and function, rather than a quick and easy shop calibration.
Bill
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"Why not the best?"
Jimmy Carter