This was the mechanism for me. First, I listed the licenses:
./splunk list licenses
From this list, I identified the license_hash that had status:EXPIRED. Then I typed this command:
./splunk remove licenses HASH_OF_EXPIRED_KEY
Once I removed this license, I was able to install the new license that I had received.
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While it is possible to edit the config file, you will need to restart Splunk to reread the configuration. This may be a factor to some people!
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The comment from Dimitri mentioning Sierra triggered me to try this configuration option. It worked for me on my recently upgraded MacBook.
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