I'll extrapolate a little bit more later but today ran into an issue with a cloud server from 1and1. Logging into Plesk received a licensing key terminated message. Quickly looked up the issue online and none of the solutions at the Plesk forums pointed to a problem on the server end. So called tech support at 1and1 and after 40 odd minutes a pleasant tech answered the phone who stated this was a new issue for them. They poked around confirmed the error then after being put on hold came back online and informed me that the person who could assist with this issue wouldn't be in until Monday. I was a little frustrated at this point but decided to look around a bit since the 1and1 Control Panel has an area where there is an activation key for Plesk.
Logging back into Plesk and receiving the error there are a few options to handle the keys and activation. All of the options reported that the current key had been terminated and was no longer able to be used. There was a field for activation key so for the hell of it I copied the 1and1 Control Panel activation key for Plesk into this field and lo and behold ... regained access to Plesk again.
Upon examining log files an update had taken place on December 9th. I am assuming this corrupted the licensing key file or had an issue after installing that affected the licensing server. I will keep an eye on this and check daily to make sure Plesk is still up and running. Hopefully someone running into the same issue will find this useful.