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Thanks for your answer, galeck1947, however it seems absurd that I am not able to transfer the license from one computer to another and that, in effect, have to keep paying my full subscription fee every year when one of the licensed computers basically no longer exists.
Incidentally, I do have Windows 8 computer, which I bought just over a year ago (and have since upgraded to 8.1) that actually came bundled with a 4-year subscription to McAfee. To be honest, there seems to be mixed reviews regarding Windows Defender although I probably will start using it when my current McAfee expires.
However, getting back to my Norton license problem, I think if push comes to shove, I'll contact them directly and see if they'll cancel the license on my niece's broken computer so that I still have one license remaining.
Thanks again. ;)