Traditionally, Cisco licensing has offered a perpetual licensing model in which you buy once and keep the license through the life of the hardware. Once that hardware has been replaced, the license is obsolete, and the new hardware will need its own set of license(s). In the event you RMA the device, you’re eligible for a one time transfer of that license to the new hardware but for all intents and purposes that is the exception to the rule. This is true for all hardware.
The software features you buy on top of the hardware are licensed separately and require their own support contract. If you want to get IPS (Intrusion Prevention System) feature for your firewall, you’ll need a software license or entitlement.