From Apple's site
"Is the AppleCare Protection Plan transferable?
Yes. If you choose to sell or give away your Apple product, you can also transfer the ownership of the AppleCare Protection Plan. Please see the AppleCare Protection Plan Terms and Conditions for complete details."
Can you transfer applecare from your iMac to the iPhone 5?
This.No you cannot transfer it they would not let me transfer the AppleCare for 4s to my iphone 5 so I got a partial refund on the 4s and just repurchased it for my iphone 5
Then I would say get the partial refund and sell it "as is"
This.
Did you have to call for the partial refund?
yes I called AppleCare and got a partial refund. I explained to them that I am purchasing the iPhone five and would be selling my iPhone 4s and I requested a refund of the unused portion of my apple care +. It took about three weeks and they sent me a check in the mail because I had canceled the credit card I had previously bought it on. Actually received the payment Friday and I received $47.54 back of the $99 I paid.
I'm not sure what refund fee people are talking about. I purchased applecare+ for my iPhone for 4s in October 2011 and I canceled that on September 23, 2012 and I received a check in the mail for $47.54 as a refund