Can I respec my Dead Island character?

After finally getting the game set up how I want it to run, I've started playing with Xian as my main character. I've now earned enough XP to level up, but I'm wondering if I will have the ability to respec my character. I chose to learn "Fury" as my first skill to see if any option to reset my skill choice appeared after the fact, but I do not see one in the menu.

Does respeccing exist in this game? If so, how/when do I get the ability to do so?

No, there is currently no way of respeccing a Dead Island character.

You can use the Dead Island Save Editor if you're on PC or Xbox 360. Open a save, go to Skills and hit Reset, then Save and Sync Now through the menu. When you load that save, you will have 0 skills and the appropriate number of skill points for your level (the game is surprisingly clever about this).