It's part of the Numenera rules. In fact, those rules also allow you, and even encourage, to spend your XP as a resource while playing. Torment doesn't keep that aspect of the rules for understandable reasons.
You probably shouldn't reload if you fail skill checks. This is a game that was designed to make failure interesting.
It depends a lot on the quest and the skill check in question.
Quite frequently, failing a check is just failing a check. Often enough, the game allows you to retry.