A license will expire at 00:00:00 UTC of that date on which you have chosen to expire the license. For example if your customer is in PST and the expiration date is 12/31/2018 then the license expiration policy will take effect the previous day on 12/30/2018 at 16:00:00 PST.
Expiration policies can be one of
Ignore- no action is taken when license expires.
Prevent Updates & Do Not Restart- the application will continue working, however if it is stopped, the user will not be able to start it again.
Prevent Updates & Stop All Containers- the application will be stopped automatically and the user will not be able to restart it.