IGDSPLOT doesn't get a license in Flexlm floating mode

One of our clients was having licensing problem when trying to launch the IGDSPLOT menu from DFII.
The lmstat reported that the license is available for IGDSPLOT, yet the error message was..
Cannot get license for product ACS3550

The problem had to do with the LM_LICENSE_FILE - this variable must be explicitly set in the DFII environment.