WOW. Dont see answer here. Does it mean Child Parent is not covered in QC?

Unfortunately that functionality is not possible. The hierarchy of the coverave cascade works from the top down, so that if a parent is covered the children are automatically covered, but does not work the opposite way in that if the children are covered the parent is automatically covered as well. As for the status being changed as well, that should be able to be accomplished through work flow customization, but it is not a standard feature setup and would require customized workflow that is beyond the scope of HP support.