As far as I'm aware the License can not be RMA'd. Again if the Hardware (Ap) was to fail outside it's warranty period, you would only need to buy a new AP and could re-assign that license to your new AP.
I can't find any documentation/certain terms that cover what the Warranty covers you for but usually, if a device is dead and no longer working, after troubleshooting with Meraki support they will determine if the device is under warranty and can be RMA'd. I've had numerous RMA's over my years and never had an issue with any device which is under warranty. I wouldn't read into it too much.
Eliot F | Simplifying IT with Cloud Solutions
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