Why does validation fail with Parallel Computing Toolbox when using New Licensing Technology?

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When I try to validate my local cluster, I get an error:
"You do not have a valid license file."
and
"Service Host Error 5005"
Why does validation of my local cluster with the Parallel Computing Toolbox fail with these license errors?

Accepted Answer

MathWorks Support Team
MathWorks Support Team on 22 Mar 2024
Edited: MathWorks Support Team on 22 Mar 2024
This is an issue caused by the licensing technology in the MathWorks Service Host. To fix this issue, please follow the instructions from the link below.
How do I uninstall and reinstall MathWorks Service Host?

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