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Why do I get "Error 345" when trying to activate my MATLAB license?

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When activating my MATLAB license, I get the following error:
Error 345: We were unable to complete your request. Contact MathWorks for assistance at <http://www.mathworks.com/support/contact_us/>
How do I activate my license?

Accepted Answer

MathWorks Support Team
MathWorks Support Team on 1 Sep 2010
This error indicates the activation key you are using is no longer valid. To complete activation, contact your license administrator or local IT department to obtain a valid activation key.

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