I ran into a similar problem this morning. In my case, it seems to come about because ifort had been installed by the option to use an existing license (which expired today) rather than my latest license. In principal, this seems contrary to the idea that older installed versions shouldn't become invalid.
Should you choose to go to the site https://registrationcenter.intel.com and check whether you registered a license which remains valid, you can either have that license emailed to you, or copy the displayed contents into a file named with .lic in your license directory, e.g.
c:\program files(x86)\common files\intel\licenses
On Vista or or more recent Windows, if you want to save a new .lic file there (such as the one emailed to you), you must first give yourself privileges in the folder, which can be done by right clicking in Windows Explorer, selecting the security>edit options, and giving your account modify privilege.
If this business of giving yourself privilege to update the .lic seems too complicated, repeating the installation using your license code, if you are getting adequate response on the internet, should be another alternative.
During working hours, you should be able to get further help by asking on the companion forum on licensing.

That's not how it works... The only thing the install-time license selection does is choose which license to copy to the Common Files\Intel\Licenses folder. When you run the compiler, it checks all the valid licenses in that folder (which is why you should remove expired licenses, as this slows down the check.)

The message Kafty gets tells me that the license server sees that a floating license exists but it is reserved or checked out to someone else. You'd need to enable logging on the license server to see exactly what is going on, though you might get some useful information by creating the system environment variable INTEL_LMD_DEBUG with a value that is the full path to a file that can be written (for example, C:\lmlog.txt), then invoking the compiler. This will tell you exactly what is being looked at.

I will also move this thread to the licensing forum.

Thanks for the confirmation.....