In MU 2007 we experienced that disclaimer is not set.
error msg in protocol file:
Invalid license: There was an error monitoring your product license file (C:\Program Files\Exclaimer Mail Utilities 2007\Exclaimer.Lic). Please check that the file exists and that you have read/write access to it. If the file is missing, reinstall the product.
After troubleshooting this issue we could solve the problem by granting full permissions to the networkservice account regarding the exclaimer.lic file.
Hans Willi Kremer