I had this happen on some of my systems running 86.60 due to an invalid default policy download. Here's how you fix it without a complete uninstall reinstall.
Verify the issue
CPDA.log will show connections to the correct server but failure to apply policies.
Right click the tray icon > Show Client > Menu > Advanced > View Policies
On my broken systems it shows Version 0 for the Common Client policy version with a date in 2079.
Fix the issue
Run the PassDialog utility on a working machine and enter your install password to disable app protection then make a copy this folder:
Run PassDialog on the broken machine then rename the same folder to Common.bak (or whatever you prefer) then replace it with the working copy.
Reboot the system then run another update and it should work.
PassDialog.exe appears in your %temp% folder when you try to repair or uninstall Check Point from Programs and Features. Just make a copy and save it to run for this.