I just created a parent account and joined the class by selecting my child. However, when I click on the class I am not having full access to the class yet, as it says unverified and needs verification from the teacher!

Your teacher has set an option in her class -  to not allow parents to access the class until she approves them (teachers do that for security and privacy reasons.  They want to make sure that you picked the correct student from the student list that was provided to you while joining the class).

When you joined with the code given to you, a Verification request from you is sent to the teacher. The Teacher needs to approve you. Then you can have full access to your class. 

You can click on the Contact Admin to send a message to the teacher to approve the request to join her class!