As said you need to install the LUM client applications to make it work. Then you need to configure LUM to setup the license server.
You might also want to look at License Statistics ( http://www.x-formation.com/license_statistics/index.html )
It's pretty good software to track the licenses to...
It seems that the version of the license you have is not corresponding to the actual software. Usually it just doesn't break as such. I'm guessing you did some updates or similar.
If you eventually get it working you could perhaps be interesed to see your license usage. It's often that people...