The License Server handles requests for Precisely product licenses. The licenses will be distributable, concurrent, or borrowed.
The License Server Utility is an application that comes with the License Server. It enables you to configure the License Server and monitor the use of product licenses at your organization.
The License Server Utility supports a single license type per version. This means that you would need a License Server Utility to serve out concurrent licenses and a second License Server Utility to server out borrowable licenses when the licenses are for the same product version.